Wall Street saw investors flee technology stocks at their fastest pace ever last week, pouring money into investment-grade bonds and cash equivalents.
According to data from Bank of America, $4.4 billion was withdrawn from technology stocks last week, the largest outflow ever, and the first in 9 weeks, according to CNBC.
That period includes the week ending March 6, the day that marked the sharp decline in U.S. technology stocks.
That session saw Apple's stock drop by about 2.8 percent after a report showed iPhone sales in China fell by about 24 percent in the first month and a half of 2024.
While $13.3 billion went into investment-grade bonds, the largest pace since September 2020.
The bank said that inflows into cryptocurrencies reached a record level of $40 billion, and among other prominent sectors was real estate, which witnessed the largest weekly inflow since January 2022, at $1.2 billion.
This comes as US technology companies continue to cut their staff since the beginning of this year, with a focus on the artificial intelligence boom.
